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Hello to all,
The drive to crypto regulation continues throughout the world with hits and beats for crypto-enthusiasts going on in several key markets.
In the United States, President Trump has appointed a new SEC president, who reportedly is much more cryptic than his predecessor. Elad Roisman could well overturn the scale in favor of an ETF supported by bitcoins and other cryptographic financial products.
In California, where I grew up and just got back, the law was amended to include new definitions for cryptographic resources.
In the European Union, the EcoFin meetings proved fruitful …
A stop that we saw, however, came from the International Monetary Fund, which came against the plans of the Marshall Islands to create their cryptocurrency, known as the Sovereign.
However, the biggest debate continues. The hearing in India on the notorious RBI encryption ban came in today and we hope to get good news there.
@MatiGreenspan
eToro, senior market analyst
Today's highlights
- Asian actions down
- Rebound of emerging market currencies
- Ethereum Sell-off
Note: all data, figures and graphs are valid from September 12th. All trading involves risks. Only risk capital that you can afford to lose.
Traditional markets
Investors' mood in Asian stocks is probably more regrettable than the encrypted market, as Asian stocks are currently sold longer over the past 16 years.
This rather intelligent title compares the market capitalization of the Chinese stock market with that of the largest company in the world.
Here we can see the China 50 index, which is down 28% from its peak at the start of the year.
Rebound EM currency
The dollar seems to have stabilized recently. In the coming days we will receive key updates from several central banks, but the next big meeting of the US Fed is still two weeks away.
However, today we will hear the comments of two representatives of the Fed, Brainard and Bullard, as well as receiving information from the Fed's beige book, an auction of securities and even some PPI data to measure inflation. However, all of the above events could easily be overshadowed by Apple's big conference at Cupertino in California tonight.
The company has become so big that its titles are seen by some as the benchmark for value investments, and as we have noted above a global benchmark. So these types of product launches could end up influencing other markets.
Tied up or not, we may notice a bit of a rebound in emerging market currencies this morning.
Crude oil is also gaining ground against the Dollar today due to reports of two massive storms about to hit the earth, one in the United States and one in East Asia.
Sale based on Ethereum
Much to the displeasure of many crypto-enthusiasts, the bear market has continued in recent days, with Ethereum apparently leading the charge.
The general direction of the market is clear enough, but it remains a mystery why Ethereum is losing ground faster than most other large cryptographic resources.
Maybe it could have something to do with statements by Vitalik Buterin …
The fact that Vitalik is less bullish could lead some to sell and it is obvious that most of his more devoted followers will hold Ether.
However, Vitalik's statement that "there is a roof at sight" does not necessarily imply where that ceiling might be. At this point, even if we simply returned to the all time highs, it would represent a huge growth in the price from where we are currently. My question is not about the ceiling, it's about the floor.
Here we can see the massive decline of 88% of Ethereum since January 13th.
The fact remains that Ethereum is the most used blockchain with most of the projects built on it and constantly sees the largest number of transactions per day. So, despite the lower price, we have reason to believe that the Ethereum network and token are here to stay.
Let's spend a fantastic day!
This content is provided for informational and educational purposes only and should not be considered as an investment advice or recommendation.
The presented perspective is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not indicative of future results. All trading involves risks; only venture capital you are willing to lose.
Cryptocurrencies can fluctuate widely in prices and are not appropriate for all investors. Cryptocurrency trading is not controlled by any regulatory framework of the EU.
Best regards,
Mati Greenspan
Senior market analyst
Connect with me on ….
eToro: @MatiGreenspan | chirping: @MatiGreenspan | LinkedIn: MatiGreenspan | Facebook:MatiGreenspan
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